nCino acquires Sandbox Banking for $52.5M in cash

nCino (NCNO) announced the acquisition of Sandbox Banking, a digital transformation leader serving the financial services industry. The company said, “This acquisition strengthens nCino’s ability to enhance data connectivity and streamline operations for banks and credit unions through an industry-leading Integration Platform as a Service (iPaaS) solution for a more intelligent and harmonious technology platform. Financial institutions frequently build new connections to support emerging products, user workflows, or external systems, but digital transformation is often slowed by time-consuming and costly integration challenges. By leveraging Sandbox Banking’s technology, nCino will offer an integration hub to help financial institutions simplify these projects, eliminate redundancies, and seamlessly align data across core and ancillary banking systems, thereby driving key process improvements and accelerating the speed at which projects are implemented and live. This innovative approach enables financial institutions to rapidly deliver omnichannel experiences for their customers and provides secure, efficient, and cost-effective system interoperability without technical bottlenecks.” The purchase price for Sandbox Banking was $52,500,000 in cash, subject to customary adjustments, with an additional earn-out opportunity of up to $10,000,000 based on the achievement of certain financial and product development metrics.